The latest market report published by Credence Research, Inc. “Disposable Medical Sensors Market Growth, Future Prospects, and Competitive Analysis, 2018 -2026” the disposable medical sensors market was valued at US$ 4,461.8 Mn in 2017 and expected to reach US$ 8,118.7 Mn by 2026, expanding at a CAGR of 6.81 % from 2018 to 2026.
Low cost and reduced sanitization risks associated with disposable medical sensors in comparison to reusable medical sensors has contributed to the increased adoption of disposable medical sensors during the forecast period from 2016 to 2026. Increased prevalence of chronic diseases such as diabetes, cancer, autoimmune diseases predominantly drives this market. For instance, the soaring consumer adoption of continuous glucose monitoring devices wherein disposable medical sensors are utilized. Additionally, rise in adoption and awareness related to availability of low cost disposable medical sensors among consumers and increased R&D activities have catalyzed the growth of this market. The advent of newer technologies such as Micro-Electro-Mechanical-Systems (MEMS) and Complementary Metal-Oxide-Semiconductor (CMOS) has contributed to the growth of image sensors making it the fastest growing segment attaining maximum CAGR during the forecast period from 2018 to 2026.
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“The Food and Drug Administration (FDA) has become aware that an increasing number of firms are reprocessing single use medical devices for health care facilities. This letter is to notify your trade association and others of the FDA’s policies that may apply to the reuse of single-use or disposable medical devices and to request your assistance in disseminating this information to your members. The FDA has two existing Compliance Policy Guides (CPG), Reuse of Medical Disposable Devices (CPG 300.500), which covers reprocessing of disposable devices by health care facilities, and Reconditioners/Rebuilders of Medical Devices (CPG 300.200), which covers reconditioning or rebuilding of medical devices by a person or firm that takes ownership of used medical devices for the purpose of resale. The FDA is presently working to revise CPG 300.200 regarding the refurbishing or remanufacturing of medical devices to remove the requirement of ownership for the policy to apply. The revised policy is intended to take effect sometime in the next 6 – 12 months. Note that FDA is evaluating those situations in which submission of a 510(k) or PMA supplement would be required for reprocessing of devices. This information would be included in any revised policy regarding device reprocessing.
We wish to clarify at this time that consistent with existing regulations, any person or firm that reprocesses medical devices for health care facilities and engages in repackage relabeling, or sterilization activities (including any associated.processing operations; e.g., cleaninq, are required to comply with the Good Manufacturing Practice (GMP) and device labeling requirements of the Federal regulations, 21 CFR Parts 820 and 801, respectively.”
Source – https://www.fda.gov/
Among various sensors available namely biosensors, pressure, accelerometer, temperature, image and flow sensors, biosensors maintain supremacy and expected grabbing largest market share during the period from 2016 to 2026. Biosensors finds wide application in diagnostic and patient monitoring devices. The advent of glucose testing & monitoring devices and other newer technologies has propelled the growth of disposable biosensors. For instance, the emergence of wireless biosensors by Philips Healthcare has gained major market attraction amongst hospitals and outpatient settings. This wireless biosensor helps in monitoring patient’s vital signs and motility changes.
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North America expected to maintain supremacy in the global disposable medical sensors market during the period from 2016 to 2026. Availability & accessibility of newer disposable medical sensors, increased prevalence of chronic diseases, presence of major industrial players and increased disposable income amongst people drives the North America disposable medical sensors market. Government initiatives and increased awareness of the availability of newer advanced medical devices drive the growth of disposable medical sensors in low and middle-income economies. Presence of market players namely, Medtronic International Ltd., GE Healthcare Ltd., Sensirion AG and many more further catalyzes the market growth in Asia Pacific.
Market Competition Assessment:
Disposable medical sensors market reaches out across geographies rendering the market highly competitive. Partnerships and acquisitions by major player’s increases market threats for emerging players with respect to long-term existence. However, funding by leading players to smaller firms could create opportunities for market penetration and growth. For instance, VitalConnect, Inc. raised money in series C funding, which was led by MVM Life science Partners and Baxter Ventures, enabling it to launch its product VitalPatch a wearable biosensor. The key industrial players of disposable medical sensors market are Amphenol Corporation, Analog Devices, Inc., GE Healthcare Ltd., Medtronic Plc., NXP Semiconductor N.V., OmniVision Technologies, Inc., Philips Healthcare Informatics, Inc., Sensirion AG, Smiths Medical, Inc., SSI Electronics, Inc., STMicroelectronics and TE Connectivity Ltd.
Key Market Movements:
Globally disposable medical sensors market witnesses a lucrative growth with a CAGR of 6.18% for the forecast period from 2018 to 2026
Cost effectiveness and reduction in hygiene risks drive the rising adoption of disposable medical sensors market
Among all sensor types, biosensors expected to attain largest market share during the period from 2016 to 2026
The introduction of smart connectivity options enables remote monitoring of patients thus catalyzing the growth of patient monitoring devices
Table of Content –
Chapter 1. Preface
1.1. Report Description
1.1.1. Purpose of the Report
1.1.2. Target Audience
1.1.3. USP and Key Offerings
1.2. Research Scope
1.3. Research Methodology
1.3.1. Phase I-Secondary Research
1.3.2. Phase II-Primary Research
1.3.3. Phase III-Expert Panel Review
Chapter 2. Executive Summary
2.1.1. Global Disposable Medical Sensors Market Portraiture
2.2. Global Disposable Medical Sensors Market, by Sensor Type, 2017 (US$ Mn)
2.3. Global Disposable Medical Sensors Market, by Technology, 2017 (US$ Mn)
2.4. Global Disposable Medical Sensors Market, by Application, 2017 (US$ Mn)
2.5. Global Disposable Medical Sensors Market Share, by Geography, 2017 (US$ Mn)
Chapter 3. Global Disposable Medical Sensors Market: Dynamics and Future Outlook
3.1. Market Overview
3.2. Market Dynamics
22.214.171.124. Higher cost-efficiency and hygiene value in comparison to reusable medical sensors
126.96.36.199. Increased partnerships
188.8.131.52. Stringent regulatory policies
184.108.40.206. Increasing awareness amongst lower and middle income countries
3.3. Attractive Investment Proposition, by Geography, 2017
3.4. Competitive Landscape, by Key Players, 2017
Chapter 4. Global Disposable Medical Sensors Market Analysis, by Sensor Type, 2016-2026 (US$ Mn)
4.3. Pressure Sensors
4.4. Accelerometer Sensors
4.5. Temperature Sensors
4.6. Image Sensors
4.7. Flow Sensors
Chapter 5. Global Disposable Medical Sensors Market Analysis, by Technology, 2016-2026 (US$ Mn)
5.2. Strip Sensors
5.3. Wearable Sensors
5.4. Implantable Sensors
5.5. Ingestible Sensors
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